State Bank of Mysore
Name of Scheme: Gnanamitra - Educational Loan Scheme
Purpose:
To enable students with academic brilliance to meet tuition and other fees / maintenance costs / books and equipment and cost of passage for studies abroad etc., for pursuing studies at recognized school / college / institution.
Courses Approveds:
Higher studies
Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEACC.
Loan Amount Limit:
Amount of loan (in Indian Rupees) |
MIN(Rs.) |
MAX(Rs.) |
| Higher Education- In India |
10000 |
10.00 lakhs |
| Higher Education- Abroad |
10000 |
20.00 lakhs |
Margin:
| Up to Rs. 4.00 lakhs |
Nil |
| Above Rs. 4.00 lakhs |
- |
| For studies in India |
5% |
| For studies abroad |
15% |
Interest:
| Amount |
Rate of interest |
| Up to Rs. 4.00 lakhs |
10.50% |
| Above Rs. 4.00 lakhs |
11.25% |
Interest Rates: SCHEMES AND INTEREST RATES ARE SUBJECT TO CHANGES FROM TIME TO TIME.
Repayment :
Technical / Professional Higher studies in India / Abroad
Repayment of loan to commence immediately after disbursal, by the parent / guardian, out of his / her income. Installments may be nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The installments will be stepped up one year after the completion of the course or after the student gets a job, whichever is earlier, so that the loan gets repaid together with interest within a period of 48 months thereafter.
| Amount. |
Security |
| Up to Rs. 4.00 lakhs |
NIL |
| |
| Above Rs. 4.00 lakhs and up to Rs. 7.50 lakhs |
Collateral in the form of a suitable 3rd party guarantee |
| |
| Above Rs. 7.50 lakhs and up to Rs. 10.00 lakhs |
Collateral security by way of immovable property or equal to the loan amount in the form of Government securities / NSCs / Units of UTI |
| Guarantee of parents / guardians (in the case of minors, the parent / guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available |
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